FILENE’S BASEMENT FILES FOR CHAPTER 11

by admin

BOSTON — Boston-based retailer Filene’s Basement has filed for Chapter 11 bankruptcy protection. Concurrently, the company has entered into an agreement to sell 17 of its 25 locations to an affiliate of New York-based Crown Acquisitions, including its flagship stores in Boston and New York City’s Union Square. Crown plans to continue normal operations at the locations. The sale is subject to an auction by the U.S. Bankruptcy Court, under which additional offers for the 17 stores, the remaining Filene’s Basement stores and the retailer’s other assets must be solicited.

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